Jun. 23, 2010 (China Knowledge) - Qatar Investment Authority, the country's sovereign wealth fund, will spend US$2.8 billion to subscribe for shares to be offered by Agricultural Bank of China, thus to become the largest cornerstone investor of the Chinese lender, the Wall Street Journal reported yesterday, citing a source with the knowledge of the matter as saying.

The source also disclosed that Kuwait Investment Authority plans to invest between US$500 million and US$1 billion in ABC's initial public offering. In addition, U.K.-based lender Standard Chartered PLC<2888> will subscribe for US$500 million of ABC's shares. Other cornerstone investors will each spend US$200 million for ABC's shares, the source added.

China Knowledge reported earlier that Hong Kong Business tycoon Li Ka-shing, Chairman of Cheung Kong (Holdings) Ltd<0001> and Hutchison Whampoa Ltd<0013> and Temasek Holdings Pte Ltd, Singapore's sovereign wealth fund will invest in ABC's IPO offering.

Reportedly, ABC, the only one of the country's Big Four state-owned banks that is not listed, is planning to raise a combined between US$18.9 billion and US$28 billion from the dual IPO in Shanghai and Hong Kong.